WTI crude oil is losing more than 3% today, while the decline has exceeded 6% since the beginning of this week. Today, the price is dropping below $66 per barrel, which at this level would represent the lowest closing price since 2021. In terms of intraday prices, current quotations are the lowest since September 2024.
The decline in oil prices is linked to several factors: primarily the OPEC+ announcement to maintain their production increase plan from April, which is expected to eliminate voluntary production cuts of 2.2 million barrels per day over the next several months. Another factor is the trade war initiated by Trump against Canada, Mexico, and China, which could lead to economic slowdown and consequently reduce oil demand. The final global factor is the potential for a peace agreement in Ukraine, which could potentially lead to the lifting of U.S. sanctions on Russia and increase the availability of Russian crude.
Just moments ago, we also received data regarding U.S. crude oil inventories. Stockpiles increased by more than 3 million barrels per day, despite expectations of a decrease. Nevertheless, inventory levels remain below last year's levels and below the 5-year average.
The inventory growth follows seasonal patterns, although levels are lower than last year and compared to the 5-year average. Nevertheless, a slight decrease in inventories was expected today. Source: Bloomberg Finance LP, XTB
WTI crude oil is losing more than 3% today and is trading at the lowest intraday levels since September 2024, potentially marking the lowest close since 2021. Source: xStation5
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